BUZZ-Oracle shares rise; new investor group set to take control of TikTok's US operations

Reuters12-19 18:20
BUZZ-Oracle shares rise; new investor group set to take control of TikTok's US operations

** Shares of AI cloud firm Oracle ORCL.N up 5.6% at $190.22 premarket

** Co part of investor group that will take control of TikTok's U.S. operations after ByteDance agreement

** About 80.1% of new venture will be owned by American or global investors; ByteDance retains 19.9%

** Oracle, Silver Lake, Abu Dhabi-based MGX among investors in U.S. venture; deal aims to avert U.S. ban and resolve national security concerns

** Financial terms of deal were not disclosed

** TikTok has 170 mln U.S. users; divestiture follows years of uncertainty since Trump's 2020 ban attempt

** ORCL stock up 8% YTD, as of last close

(Reporting by Tharuniyaa Lakshmi in Bengaluru)

((tharuniyaa@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment